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IRDA launches exclusive website to educate public on insurance

June 26, 2012 - New Delhi

Insurance Regulatory and Development Authority launched an exclusive website to educate consumers on buying insurance cover. The Consumer Education website,, will provide useful information for the benefit of the policyholders and prospects.

The portal will also provide tips on buying Insurance, standard claim procedures and documentation, besides do's and don't for a policyholder. It will also provide general alerts to consumers, ways to deal with intermediaries and answers to general queries.

Despite nationalization of the Insurance sector in 1956, its penetration has just increased to 5.1 per cent in 2010, from 2.71 per cent in 2001 mainly due to financial vulnerability across most of the income segments.

"The objective of having an exclusive website is to educate consumers about Insurance in particular, regarding buying insurance, making a claim etc. The website is an attempt to reach out to all to give certain basic generic information on the subjects in order that consumers begin to think and seek answer to questions such as what they need to buy, whether they are being offered the right product," said J Hari Narayan, chairman of IRDA.

There are 24 life and 27 non-life Insurance companies in India currently.


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